Decided on selling your real estate property in the Philippines? The process that lies ahead entails meticulous preparations and patience in familiarizing yourself with the steps. Like any legal matter, selling a real estate property in the Philippines requires securing legal documents and enduring many trips to government offices such as as Registry of Deeds' office. But a committed property owner must follow the right process and make sure the necessary documents such as tax declaration, transfer certificate of title, condominium certificate of title (if selling a condominium unit), real estate tax clearance, transfer certificate, etc. are ready before handing the real estate property to a new owner. Part of ensuring a smooth and safe property selling transaction is also seeking the help of a real estate broker who can make things less overwhelming for you and a property buyer. This will also ensure a headache-free process for both the property seller and their prospective buyers. To kickstart your preparations, here's a helpful guide that maps out your journey as a seller and a list of the important documents you need to sell your property in the Philippines. First thing's first: Make sure your documents as current property owner are complete. As the current property owner, your responsibility as seller is to be able to have the property, along with the documents of ownership, legally transferred to the new owner's name. This will not be possible if the seller does not possess a complete set of these necessary documents:
Second order of business: Update or Fix the Status of Your Property TaxesGain the confidence of your buyer by ensuring that you consistently fulfilled your tax obligations. You and your broker must procure the following tax declaration documents from the assessor's office:
Among the legal documents a seller and a broker must also procure are the:
The third step: Know your expenses by determining the tax applied to your property. Good job procuring all the important documents needed for your potential buyer! Now comes another important part of your selling journey: determining your net profit by computing your biggest expense: taxes!
Taxes aside, it would be wise to deduct your other expenses from your profit. This would include a real estate agent's fee, marketing collaterals for printing, and fee for a professional photographer to take photos of your property if you are selling our property online. The fourth step: Ready the after-sale documents of your property prior to turning over to your home buyer.After securing a sure buyer of the property, the seller and the broker must prepare these essential documents:
When selling a property in the Philippines, it pays to know the documents required. Having your land title, tax clearance, and tax declaration documents on hand makes life easier for your broker and lessens the risk of losing the interest of buyers. Up Next: |
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